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Pakistan sees the country’s exports rising by up to $12 billion by 2024

Although the country’s exports are expected to face the impact of Covid-19 in the current fiscal year, the International Trade Centre’s latest export potential assessment for Pakistan sees the country’s exports rising by up to $12 billion by 2024.

“More than half of Pakistani exporters struggle with domestic and foreign regulatory barriers,” said Invisible Barriers to Trade – Pakistan 2020: Business Perspectives. The report was prepared in collaboration with the World Bank Group’s country office in Pakistan.

The report, which is based on a survey of 1,152 importers and exporters, identifies the toughest trade hurdles facing Pakistani businesses. It gives policymakers insight into which policies, procedures and facilities must be strengthened to reduce trade costs and boost competitiveness.

“Almost half of these hurdles are homegrown, which means the government has the ability to fix many of the problems holding back its exporters, the report stated, suggesting ways for the government and the private sector to crank up competitiveness by addressing issues such as export inspections, tax refunds, and export certification.

The ITC report identifies the most challenging non-tariff measures that Pakistani businesses face. Among these are difficulties complying with technical requirements, lack of trade-related information and inadequate domestic infrastructure.

Women entrepreneurs also face social constraints and a general lack of sufficient support in government agencies and business support institutions

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